He said the Spain bailout “would have a beneficial effect on short-term risk controls,” according to a note posted on the government’s website. As G20 leaders, including China’s President Hu Jintao, prepare to meet in Los Cabos, Mexico, next week, Zhu urged “a timely consensus to prevent the crisis from spreading.”

China fears that European turmoil could wreak havoc on its own slowing economy. On Thursday, the Central Bank cut a key interest rate for the first time in more than three years. The Central Bank said Monday that Chinese banks boosted lending last month to stabilize the country's growth.

Exports, however, still appear surprisingly strong, rising 15.3% in May, China's General Administration of Customs said Sunday. Europe and the United States both increased imports from the Asian superpower.